Watch for Student Loan Errors

Some
loan servicers may be dropping the ball on keeping you up-to-date on how much
you may owe.

By Kaitlin Pitsker,
Associate Editor

If you’re paying off student debt, you may not be able to
rely on the company that manages your loan to help you select the best
repayment option—or even give you accurate information about how much you owe.

A recent report by the U.S. Department of Education’s Office
of Inspector General found that the companies the department pays to manage and
collect payments on federal student loans—known as loan servicers—failed to
provide borrowers with accurate information about repayment options. Some also
miscalculated payment amounts for borrowers.

If you find an error or have other problems with your loan
servicer, file a complaint on its website. If you don’t get a response, file a
complaint with the Department of Education at https://feedback.studentaid.ed.gov/.
Depending on where you live, you may also be able to get help from a state
student loan ombudsman.